EXCLUSIVE: 30 years of global finance from those who made it happen

Author: | Published: 18 Jan 2013
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International Financial Law Review is 30 years old. To celebrate IFLR's journalists spoke exclusively with the 30 experts behind the 30 key financial events from the past three decades.

Here's some of the highlights. Scroll down for the full timeline.

Get involved in the discussion by commenting on the stories online, joining us on LinkedIn or following us on Twitter


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How Europe can avoid a lost decade

Cleary Gottlieb Steen & Hamilton’s Lee Buchheit outlines the policy reforms that would enable the eurozone to better cope with its crisis

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Exclusive: Canada’s US Ambassador on improving Canada/US trade

Canada’s US ambassador, Gary Doer, opens up on the impact of the Canada-United States Free Trade Agreement and reveals how he hopes Canada-US trade to progress

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Revealed: the true cost of Volcker, Vickers and Liikanen

With the October publication of Erkki Liikanen's report came the third proposal for the structural reorganisation of the banking industry in as many years. Here Allen & Overy’s Philip Wood, Linklaters’ Simon Davies and Morgan, Lewis and Bockius’ Christian Zschocke assess the reforms proposed so far

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Rodgin Cohen: how the EU crisis response falls short

Wall Street’s most influential lawyer was at the centre of US regulators’ attempt to save Lehman Brothers. Here he compares the US and EU regulatory reactions post-crisis

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Exclusive:Asean’s path to 2015 revealed

The Association of Southeast Asian Nations’ director of finance, industry and infrastructure, Dr. Somsak Pipoppinyo, outlines what’s next on the Association’s reform agenda

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Morgan Stanley: the truth about emerging markets

Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, dispels some emerging market myths

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Loan Market Association’s Clare Dawson on what’s next for standardised loan documentation – an IFLR VIDEO

Clare Dawson, managing director of the Loan Market Association, on what’s next for Europe’s syndicated loan market

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Hong Kong’s SFC CEO assesses the city’s financial hub future

SFC’s Ashley Alder discusses how he plans to ensure Hong Kong remains one of the world’s leading financial centres

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Revealed: Dubai’s regulatory agenda for 2013

Roberta Calarese, Chief Legal Officer at the DIFC Authority, reveals how the eurozone will impact DIFC’s strategy in 2013
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Sifma CEO calls for stronger Financial Stability Oversight Council leadership

The Securities Industry and Financial Markets Association president and CEO, Timothy Ryan, reveals his regulatory frustrations to IFLR and outlines how lobbying and trade groups can better work together

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What KKR did next

KKR member and global public affairs head, Ken Mehlman, KKR's European corporate affairs director, Ludo Bammens, and KKR head of sustainability, Elizabeth Seeger, discuss their firm’s image overhaul and the ingredients for success in changing market
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ISS on the future of poison pills

Institutional Shareholder Services’ special counsel on the role of shareholder rights plans
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IBA president reveals how law firms must change to survive

IBA president Akira Kawamura outlines why it’s now time for those firms with a global footprint to seriously review their practices

THREE DECADES OF GLOBAL FINANCE


1982:
IFLR launches
IFLR was launched amid growing cross-border capital flows, and rising global stock market capitalisation. Euromoney executive chairman, Richard Ensor, describes those early days, when the corporate and financial legal profession started to truly internationalise

1983: How Europe can avoid a lost decade
Cleary Gottlieb Steen & Hamilton’s Lee Buchheit outlines the policy reforms that would enable the eurozone to better cope with its crisis

1984: Mexico’s bellwether case for sovereign debt restructuring
By 1984, Mexico had amassed sovereign debt stocks totaling around $96.6 billion. Whitney Debevoise, a partner with Arnold & Porter and a former US executive director of the World Bank explains how a new debt service programme nearly paved the way for recovery

1985: ISS on the future of poison pills
Patrick McGurn, special counsel at Institutional Shareholder Services discusses the role of shareholder rights plans in today’s age of shareholder activism

1986: Why Volcker changed his mind on Glass Steagall - opinion
In 1986, the Federal Reserve, led by Chairman Paul Volcker, began a series of actions that ultimately led to the demise of Section 20 of the Banking Act of 1933 - the Glass-Steagall Act. Allen & Overy's partner, Douglas Landy, assesses why Volcker has now changed his mind

1987: What we should have learned from the US 1980s market crash
The US market crash of the 1980s should have acted as a warning of the systemic crises to follow, explains David Spencer of Spencer Law Office

1988: The Basel reforms dissected
Banks are increasingly focussed on meeting Basel III's tough new capital requirements. But as Richard Reid of the International Centre for Financial Regulation's explains, the story global bank reforms started long before the 2008 crisis

1989: Exclusive: Canada’s US Ambassador on improving Canada/US trade
Canada’s US ambassador, Gary Doer, opens up on the impact of the Canada-United States Free Trade Agreement and reveals how he hopes Canada-US trade to progress

1990: The US rules that shaped today's capital markets - opinion
Milbank, Tweed, Hadley & McCloy's Phillip Fletcher outlines how the Naughty Nineties expanded access to capital markets

1991: Real-estate investment growth explained
The effects of the US market break were still being felt in the early 1990s. But it wasn't all bad news. Its legacy included the rise of two real-estate instruments, explains Cleary Gottlieb Steen & Hamilton's Steven Horowitz

1992: A fateful year for EU banking regulation - opinion
Weil Gotshal & Manges' James Leavy outlines the legacy problems arising from the failure of the 1992 Maastricht Treaty

1993: Morgan Stanley: the truth about emerging markets
Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, dispels some emerging market myths

1994: How Edgar came of age - opinion
The implementation of the SEC's electronic filing system added a new dimension to the public company concept, says David Bernstein of K&L Gates

1995: How FIIs changed Indian capital markets – opinion
The Indian securities regulator’s scheme aimed at foreign trades was a key step in liberalising the country’s capital markets, explains Ajay Vaidya, chief legal and compliance officer of Kotak Mahindra Capital

1996: Loan Market Association’s Clare Dawson on what’s next for standardised loan documentation – an IFLR VIDEO
Clare Dawson, managing director of the Loan Market Association, on what’s next for Europe’s syndicated loan market

1997: Hong Kong’s SFC CEO assesses the city’s financial hub future
SFC’s Ashley Alder discusses how he plans to ensure Hong Kong remains one of the world’s leading financial centre

1998: Exclusive: Asean’s path to 2015 revealed
The Association of Southeast Asian Nations’ director of finance, industry and infrastructure, Dr. Somsak Pipoppinyo, outlines what’s next on the Association’s reform agenda

1999: The euro's future assessed
Thirteen years after its introduction, the euro faces a questionable future. Charles Grant, director of the Centre for European Reform, explains how the currency reached today's fragmentation debate

2000: Are we too reliant on credit ratings?
Warnings about regulatory reliance on credit ratings are not a 21st century development, explains Mark Adelson, former chief credit officer at Standard & Poor's

2001: How the PCAOB changed US auditing
It was Enron's fall in 2001, and the damning realisation that public company accounting had given a positive diagnosis of the firm's finances, that prompted the enactment of the Sarbanes-Oxley Act on July 30 2002. But to the Public Company Accounting Oversight Board (PCAOB) founding board member, Daniel Goelzer, the clear need for independent oversight of public company accountants didn't make it any easier to implement

2002: How the global Islamic finance market developed
Ten years after the first global sovereign sukuk, international corporates are increasingly turning to shariah finance. Qudeer Latif, global head of Islamic finance at Clifford Chance, describes how the 2002 offering has impacted the development of Islamic finance

2003: The year that changed research analyst coverage
In a period of just 12 months, three crucial developments changed the future of research analyst regulation. Bank of America Merrill Lynch's Glen Rae, and Morrison & Foerster's Anna Pinedo and Jim Tanenbaum, explain how

2004: Revealed:Dubai’s regulatory agenda for 2013
Roberta Calarese, Chief Legal Officer at the DIFC Authority, reveals how the eurozone will impact DIFC’s strategy in 2013

2005: European private equity comes of age
Cuatrecasas Goncalves Pereira partner Enric Picanyol describes the year that the world stood up and took notice of European private equity

2006: Sifma CEO calls for stronger Financial Stability Oversight Council leadership
The Securities Industry and Financial Markets Association president and CEO, Timothy Ryan, reveals his regulatory frustrations to IFLR and outlines how lobbying and trade groups can better work together

2007: China's anti-monopoly law dissected
The passage of China's anti-monopoly law was tipped to be a game-changer. But as McDermott Will & Emery's Frank Schoneveld explains, it has received mixed reviews during its settling in period

2008: Rodgin Cohen: how the EU crisis response falls short
Wall Street’s most influential lawyer wa s at the centre of US regulators’ attempt to save Lehman Brothers. Here he compares the US and EU regulatory reactions post-crisis

2009: What KKR did next
KKR member and global public affairs head, Ken Mehlman, KKR's European corporate affairs director, Ludo Bammens, and KKR head of sustainability, Elizabeth Seeger, discuss their firm’s image overhaul and the ingredients for success in changing market

2010: Dodd-Frank's legacy outlined
The US's biggest financial overhaul since the great depression represents a fundamental shift in regulatory philosophy, says Morrison & Foerster's Anna Pinedo. And its legacy will be felt far beyond the US

2011: IBA president reveals how law firms must change to survive
IBA president Akira Kawamura outlines why it’s now time for those firms with a global footprint to seriously review their practices

2012: Revealed: the true cost of Volcker, Vickers and Liikanen
With the October publication of Erkki Liikanen's report came the third proposal for the structural reorganisation of the banking industry in as many years. Here Allen & Overy’s Philip Wood, Linklaters’ Simon Davies and Morgan, Lewis and Bockius’ Christian Zschocke assess the reforms proposed so far